Big Data in Retail - Examples in Action
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Retailers are leveraging big data to predict trends and enhance customer targeting, aiming to respond more effectively to market demands. Bestmart is utilizing analytics to identify popular gaming items, optimize pricing, segment customers, and create bundled offers. This strategic use of big data allows retailers to deliver a personalized shopping experience and maintain a competitive edge.
Big Data in Retail - Examples in Action
- 1. big data, big opportunities: retail industry
- 2. It is the busiest shopping time of the year
- 3. and one video game is flying off the shelves.
- 5. In the past, stores that reacted to this demand the fastest...
- 7. But today, top retailers are using BIG DATA to gain a competitive advantage
- 9. and preparing for future demand. edicting trends and preparing for future dema
- 10. BestMart wants to become the sales leader for video games this season.
- 11. Their work started months ago...
- 13. First, BestMart needs to predict the hot gaming item for this season.
- 14. Big data analytics combines enterprise data with other relevant information
- 15. to create predictive models of trends.
- 16. BestMart also uses big data to predict areas where demand would be greatest.
- 18. Now they can stock up and deliver the right number of games to the right channels.
- 19. Then, big data insights can provide the base for price optimization models.
- 20. Real-time analytics help BestMart synchronize prices hourly with demand, inventory and the competition.
- 21. Next, BestMart wants to pinpoint the customers who will likely buy this game
- 22. by segmenting customers according to expected buying behavior
- 23. contacting them as they wish to be reached
- 24. when they are in the right location
- 25. and engaging them with personalized real-time offers.
- 26. Finally, BestMart wants to know what other items customers would likely purchase with this game.
- 27. Big data performs deeper analytics on all data
- 28. to find meaningful patterns and hidden insights.
- 29. BestMart uses this insight to create an exclusive console and game bundle.
- 30. Ultimately, retailers using big data technology
- 31. are able to provide a smarter shopping experience
- 32. to influence purchase decisions
- 33. and edge out the competition.
- 34. Learn more about big data at IBMbigdatahub.com